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18 May, 04:10

Cody has 700$ in a savings account that pays 4% simple interest. What is the amount of simple interest he will earn in 2 years?

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Answers (2)
  1. 18 May, 05:19
    0
    Simple Interest (SI) = Principal * Rate * Time

    100

    SI = 700$ * 4% * 2

    100

    SI = 7 * 4 * 2

    SI = 56

    therefore the simple interest is 56$
  2. 18 May, 05:50
    0
    1% of 700 = 7

    4% of 700 = 28

    interest = $28
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